US $700M earned by Local Content in 2022

Revealed at the International Energy Conference and Expo Guyana on Wednesday, was that the local content earned some US $700 million in businesses, an attributing factor of the Local Content Secretariat’s legislative interventions. According to the Director of the Local Content Secretariat, Dr. Martin Pertab, the energy and energy-related industries have created spillover effects for job sustainability and has shown impressive performance. “Based on the latest estimate, and of course, we have received the half year’s local content plan that was submitted as of June of last year, and we are in the process now of receiving the performance report, we have estimated that local content has brought in an additional US $700 million in businesses,” he stated. Given the success of companies operating within the energy industry, and the positive impact on peripheral sectors, Mr. Pertab posited that the Local Content Secretariat will continue to strengthen their commitment to legislative principle in the interests of the Guyanese business community. With this, an additional 750 local content certificates may be underway as further legislative plans are set in motion. As of 2022, 500+ local companies were awarded certificates, with newly shortlisted companies estimated to earn US$150 million to US$200 million. The Local Content Secretariat has remained focused on its institutional monitoring and administrative framework, through which a portal allows users to browse procurement and employment opportunities.

Source(News: Department of Public Information)

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15 Feb 2023 12:15 | by anaraine

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